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Overview

On March 10, 2005, the Senate passed S. 256, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. President Bush signed the bill into law, which became
effective on October 17, 2005. The following summary discusses changes in the consumer bankruptcy law affected by the bill. Unless otherwise noted, all references are to
the United States Bankruptcy Code (“Code”). Either directly or indirectly, the content of the new law will have a material effect on consumer debt, real property
transactions and home ownership.